Tether-Owned AI Company Considers Selling Bitcoin Mining Arm
Hassan, a Cryptonews.com journalist with 6+ years of experience in Web3 journalism, brings deep knowledge across Crypto, Web3 Gaming, NFTs, and Play-to-Earn sectors. His work has appeared in...
Northern Data AG, a German infrastructure company specializing in cryptocurrency and artificial intelligence, announced on Monday that it is exploring a potential sale of its Peak Mining unit to refocus its efforts to allocate funds for expanding its artificial intelligence operations.
Following the announcement, shares of Northern Data surged by as much as 12%, stabilizing at a 9.8% increase by 12:06 p.m. in Frankfurt.
The company mentioned that the sale’s feasibility is closely linked to the “current dynamic market environment” for cryptocurrencies.
Bitcoin prices have risen over 60% this year, approaching the all-time high of $73,798 in March.
TETHER-BACKED NORTHERN DATA CONSIDERS PEAK MINING SALE
Northern Data AG, fueled by Tether, is ready to ditch its Peak Mining unit to go all-in on AI vibes.
They’re on a mission to be Europe’s top Generative AI cloud platform.
With plans to pump the sale cash into next-gen… pic.twitter.com/78lExqirRr
This uptick in value comes at a crucial time, as Bitcoin miners have faced challenges since April’s Bitcoin halving, which halved their primary revenue stream.
In response to these challenges, some mining companies, including Northern Data, have switched their high-performance computing resources to focus on artificial intelligence.
The sale of Peak Mining would provide essential funds to strengthen Northern Data’s AI solutions unit. This unit features a generative AI cloud platform that assists businesses in launching their AI-powered applications.
“Mining is a foundational part of Northern Data’s
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